The Pradhan Mantri Jeevan Jyoti Bima Yojana from Bajaj Allianz is a non-linked, non-participating group term insurance plan that can be renewed every year. The plan falls under the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme implemented by the Government of India, and can be set up only for banks. The enrolment for this plan can be done through a fairly simple proposal form and it requires no medical underwriting. The plan allows applicants to choose life coverage based on their affordability, and any individual between the ages of 18 and 50 years can enrol under the scheme. However, it is essential for applicants to hold a savings bank account and the Master Policyholder under the scheme will be the bank. Individuals who possess multiple savings bank accounts will be able to enrol via just one savings bank account.
Premiums towards the Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana will be Rs.330 in addition to service tax, if applicable, and the premium will be deducted from the individual’s savings bank account in one instalment via the auto debit facility. The plan can be renewed on the 1st of June each year, and it offers a death benefit which will be the equivalent of the sum assured. Customers who enrol for this scheme can also avail tax benefits.
To be eligible to purchase the Bajaj Allianz Pradhan Mantri Jeevan Jyoti Bima Yojana, members must adhere to age restrictions and be at least 18 years old to avail the scheme. Following are the eligibility criteria to purchase a Bajaj Allianz Pradhan Mantri Jeevan Jyoti Bima Yojana:
|Plan Type||Group Term Insurance Plan|
|Minimum Entry Age||18 years|
|Maximum Entry Age||50 years|
|Maximum Age at Maturity||55 years|
|Policy Term||One year renewable group term assurance|
When purchasing the Bajaj Allianz Pradhan Mantri Jeevan Jyoti Bima Yojana, members will have to choose a sum assured and pay their annual premium. Following are the sum assured and premium details of the Bajaj Allianz Pradhan Mantri Jeevan Jyoti Bima Yojana:
|Sum Assured||Rs.2,00,000 per member|
|Annual Premium||Rs.330 per member|
*Premiums vary based on age, location, plan term and other factors, and applicable charges / taxes will be added to the premium.
Following are the benefits offered by the Bajaj Allianz Pradhan Mantri Jeevan Jyoti Bima Yojana:
|Death Benefit||In the event of the unfortunate and untimely demise of the insured member before the end of the policy term, the nominee will be eligible for a death benefit which will be equal to the sum assured.|
|Maturity Benefit||The Bajaj Allianz Pradhan Mantri Jeevan Jyoti Bima Yojana does not offer any maturity benefits as it is a term assurance cover.|
Following are some of the other key features of the Bajaj Allianz Pradhan Mantri Jeevan Jyoti Bima Yojana:
|Surrender Value||The Bajaj Allianz Pradhan Mantri Jeevan Jyoti Bima Yojana has no surrender value.|
|Policy Loan||The Bajaj Allianz Pradhan Mantri Jeevan Jyoti Bima Yojana does not have an option that grants loans against the policy.|
|Grace Period||The grace period for paying the premium due is 30 days from the Annual Renewal date. During the grace period, the insurance cover will not cease, but if the premium remains unpaid by the completion of the grace period, the insurance cover will lapse. If a member does not pay the due premiums prior to the completion of the grace period, the member’s life insurance cover will cease on the due date of the first unpaid premium. During the grace period, the cover will be provided only in case the policy is renewed prior to the completion of the grace period. In case of a death during the grace period, the nominee will receive the sum assured after the deduction of the due but unpaid premium.|
|Reinstatement||In case the insurance cover ceases owing to technical reasons like insufficient balance to pay the premium on the due date, the policy can be reinstated after the grace period provided the member pays the premium and provides the company with a satisfactory statement of good health.|
|Termination of Life Insurance Cover||A member’s life insurance cover will terminate if any of the following incidents occur:
|Free Look Period||Customers who purchase this policy have the option to return it within 15 days if they are not satisfied with the terms and conditions of the same, and will have to offer a letter stating the reasons for objections.|
|Assignment||The Bajaj Allianz Pradhan Mantri Jeevan Jyoti Bima Yojana does not provide for assignment.|
|Nomination||Nomination under the Bajaj Allianz Pradhan Mantri Jeevan Jyoti Bima Yojana should comply with the provisions of Section 39 of the Insurance Act, 1938.|
Tax benefits can be claimed for the Bajaj Allianz Pradhan Mantri Jeevan Jyoti Bima Yojana as per the prevailing tax laws.
A joint venture between Allianz SE and Bajaj Finserv Limited, Bajaj Allianz is one of the best and most popular life insurance providers in India. A combination of local experience with global expertise has helped the company enjoy a fine reputation of strength and stability. The company offers comprehensive life insurance solutions that are designed keeping an extensive customer base in mind. The company also employs diligent experts and insurance agents who can help you find the policy that best suits your insurance needs. Quick responses from the customer service team in addition to competitive pricing makes Bajaj Allianz a quality insurance provider, and you can find comprehensive policies at affordable pricing to meet all your insurance requirements, and rest assured that you will receive assistance at any time thanks to the company’s 24x7 customer care centres.
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